P66 to Sell Interest in Switzerland-based Joint Venture

P66 to Sell Interest in Switzerland-based Joint Venture


   P66 to Sell Interest in Switzerland-based Joint Venture

   
    

    

   OAKHURST, N.J. (DTN) --- Phillips 66 announced today that its subsidiary, 
Phillips 66 Limited, has entered into a definitive agreement to sell its 49% 
non-operated equity interest in Coop Mineraloel AG to its Swiss joint venture 
partner for cash of 1.06 billion Swiss francs (approximately $1.24 billion) 
consisting of a 1 billion Swiss franc sales price (approximately $1.17 billion) 
and an assumed dividend of 60 million Swiss francs (approximately $70 million) 
for financial year 2024 to be paid at or prior to closing.

   The sales price is subject to adjustment based on the amount of the dividend.

   "This transaction marks significant progress in delivering on our commitment 
of over $3 billion in divestitures," said Mark Lashier, chairman and CEO of 
Phillips 66. "As we manage our portfolio, we will continue to evaluate 
monetization of assets that no longer fit our long-term strategy."

   CMA operates 324 retail sites and petrol stations across Switzerland.

   Proceeds from the sale will support the strategic priorities of Phillips 66, 
including returns to shareholders.

   The transaction is subject to approval by the Swiss Competition Commission. 
It is expected to close in the first quarter of 2025.




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